Riding The Wave Weekly Outlook #45

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Table of Contents

1. Tweets

2. What’s Happening Now?

3. What Might Happen Next?

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Tweets

Edgy - The DeFi Edge 🗡️ @thedefiedge

There's a fish called the Patagonian Toothfish. That doesn't sound appetizing at all. Well, they rebranded it to the Chilean Seabass. The sales 40x over a decade. Just a name change. It made me think of Reddit's move: NFTs -> Digital Collectibles.

NFTstatistics.eth @punk9059

2021 was about NFTs with airdrops and shiny things Now is about NFTs that will still be around in 3 years Three top bear market launches: DigiDaigaku: raised $200mn RENGA: had been building for a yr before launch Potatoz: run by 9gag (big co founded in 2008)

Blockworks @Blockworks_

Elon x Twitter is almost a done deal. In the last few months, @elonmusk expressed the changes he would make if he took over. 🧵 Here are his plans:

Blockworks @Blockworks_

Google announces blockchain node engine for Ethereum developers

unusual_whales @unusual_whales

BREAKING GDP comes in at 2.6%, expected 2.4%.

NFTstatistics.eth @punk9059

Reddit Avatar volumes have come back down to Earth. Still up 3x from where we were Sunday, but down 70% from Monday's peak.

Watcher.Guru @WatcherGuru

JUST IN: FTX CEO Sam Bankman-Fried says the exchange is developing its own stablecoin.

Callie Cox @callieabost

Lots of stress in the market, but the $VIX isn't stressing it In fact, the market's "fear gauge" is the least sensitive to big S&P 500 days since 2013😅

AriGoldNFT.eth | $369.eth @arigoldnfts

1) 🧵I work in medicine, and Ethereum is being used to cure cancer (seriously). A thread you don’t want to miss 👇

The Kobeissi Letter @KobeissiLetter

Stock Market in 2022: 1. $SPX nearly out of bear market territory 2. Tech stocks trading like its 2001 3. Fed raising rates at fastest pace in history into slowing economy 4. $VIX refuses to rise even when stocks fall 5. Investors are hoping for a recession Nothing adds up.

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What’s Happening Now?

Bitcoin(BTC)

Bitcoin has broken through its 8-week SMA and is now just below the 20-week SMA.

Weekly Timeframe Bitcoin

On the daily time frame, we have broken into the 3rd resistance area. It also looks likely that we have broken the diagonal downtrend that formed in April.

Daily Timeframe Bitcoin. Red/blue boxes are potential area support/resistance, blue line represents downtrend we seem to be following

Ethereum(Eth)

Ethereum has broken above both its 8-week SMA and its 20-week SMA.

Weekly Timeframe Ethereum

On the daily time frame, we have broken through into the 7th resistance area and just barely reached the 8th. It also broke through the diagonal resistance that formed in April.

Daily Timeframe Ethereum. Red boxes are potential areas of support/resistance, the blue line represents the downtrend we seem to be following

Cardano(Ada)

Cardano has pushed up in price to its 8-week SMA.

Weekly Timeframe Cardano

On the daily time frame, Ada has pushed back up to the diagonal downtrend that formed in April.

Daily Timeframe Cardano. Red boxes are potential areas of support/resistance, the blue line represents the downtrend we seem to be following.

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What Might Happen Next?